Depending on your long term goals I wholesale and use the assignments fees to buy free and clear properties and I use creative marketing to buy and keep in my portfolio. 

Everyone loves a bit of luxury on vacation. 

This is what the assessed tax value will reset to after you purchase.  

I would recommend that regardless of market you decide to invest in that you find a fellow investor/realtor that can help you purchase in the neighborhoods that make for ideal long term rentals.

You can get screwed on changing markets and unreliable contractors though.  

Depending on your current rate or if the current loan is short term or long term.

Always recommend local (or at least some level of boots on the group).

I own a couple vacant lots and looking to purchase more in a small area. 2/1s in Memphis, as far as I know, are as desirable as in a bigger market.

Depends on the city & airport. 

I have some cash, but likely not enough to fund a purchase without bank financing, and especially not when factoring extensive rehab costs into the equation (may need to up my knowledge on creative financing to bridge this).